Are your credit union members still having to send you piles of paperwork to apply for membership or loans? If so, you may be losing them before they’ve even joined.
These days consumers, and that includes potential credit union members, expect a streamlined and intuitive experience when making purchases, and according to the Credit Union National Association, this is something that the credit union industry will need to take on board to remain competitive. Speaking at the CU Direct Drive 17 Conference last year, Sundeep Kapur explained that “the consumer wants simplicity and convenience when they’re getting a loan”. And when competition from other financial institutions like investment firms and fintech companies is high, a review of the credit union membership and loan processes is crucial to member uptake and retention.
Digitize processes and paperwork
Credit unions’ USP was that they offered an ethical and community-based financial alternative to high-street banking. This is still true today, but the institution is at risk of putting members off if it doesn’t provide the convenience found in traditional banks. Most financial providers allow people to apply for account membership, mortgages, and loans online, without the need for any physical paperwork, and yet credit unions are lagging behind when it comes to providing digital solutions to its members.
“Digital banking”, the digitizing of financial processes and paperwork, is the way forward for credit unions. Not only will it streamline the application process for new and current members, credit union staff will benefit from the automation of repetitive tasks and see less mistakes being made.
Providing digital banking to your credit union members needn’t be costly. In fact, it can be done using a piece of software that’s been used in businesses for decades, automating processes and digitizing paperwork with ease and streamlining working practises. Enter the credit union intranet.
Streamline applications with a digital workplace
Intranets these days are more widely known as digital workplaces, which provide a suite of online productivity tools that mirror the physical office. Organizations of all sectors and sizes have been benefiting from this software for years, and given the pressing need to simplify processes and paperwork, now is the perfect time for credit unions to get on board.
Processes such as membership, loan, and mortgage applications can be created and managed within digital workplace software, where the paperwork normally associated with these applications is transformed into online forms (in fact, check out our free online mortgage application to see how effective it can be). Supporting documentation, such as proof of address, can be uploaded as an attachment to the online application, reducing the risk of losing important files as well as speeding up approval times.
Applications can be automatically assigned to the appropriate credit union staff to handle, completely eliminating the need to pass around files from one desk to another – a sure-fire way of losing time and data.
For added convenience, members who submit their applications online will receive automatic email notifications whenever an update is made. This allows them to keep track of the status of their application, which is crucial from a consumer perspective.
The future of credit unions
Adopting digital workplace software is a simple and cost-effective way of bringing credit unions into the digital age. Credit unions who are able to provide the latest technology to their members will have a highly competitive edge, giving members both an ethical and modern financial solution.
Are you a credit union looking to move to an intranet? Download our brochure to find out more!Download brochure